Investment Expansion in Vietnam
Shin Dong-bin, chairman of the Lotte Group, discussed investment expansion and cooperation with Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi on Dec. 4, the group said on Dec. 5.
In the meeting, Shin explained the status of Lotte's operations in Vietnam and requested cooperation and support for the large projects the group has been promoting in Vietnam. The two also talked about ways to promote mutual cooperation to strengthen relations between the two countries.
Currently, Lotte is undertaking a large-scale complex development project in Vietnam. Ho Chi Minh City is planning to construct 'Eco Smart City' consisting of department stores, shopping malls, hotels, offices and residential facilities in the Tumi district, which is being developed as a business hub. Lotte plans to build 'Lotte Mall Hanoi' in Hanoi.
Lotte entered the Vietnam market for the first time in the 1990s and has since been active in a variety of sectors including food, restaurants, distribution, services and construction. Lotte Confectionery, Lotte Department Store, Lotte Mart, Lotte GRS, Lotte Asset Development, Lotte Hotel, Lotte Duty Free Shop made a foray into the Vietnamese market and has hired more than 15,000 employees.